Goldsmiths University of London Financial Statements

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Goldsmiths University of London Financial Statements

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Goldsmiths, University of London has today (Thursday 1 December) published its Annual Report and Financial Statements for the year ended 31 July 2016. These are presented under the new UK Financial Reporting Standard 102 (FRS 102) and the new Higher Education Statement of Recommended Practice (SORP) for the first time.

On an FRS 102 basis, Goldsmiths recorded a surplus of £2 million in the year ended 31 July 2016 compared with a deficit of £5 million in the year ended 31 July 2015. The 2015 position has been restated for FRS 102 and now includes, among other adjustments, a £5.5 million expense in respect of the USS pension scheme which was not required to be recorded under previous UK accounting standards.

The results are significantly impacted by FRS 102 and a number of one-off items including in 2016 an exceptional gain of £2.3million in connection with the transfer of three halls of residence to a third party operator. The table below removes these impacts and shows that on an underlying adjusted basis, surplus has fallen from £2.9 million in 2015 to a small deficit of £0.2 million in 2016.

2016 £’0002015 £’000% change
Revenue – FRS 102 basis103,969102,5641.4%
Revenue – Adjusted basis104,076103,2130.8%
Expenditure – FRS 102 basis104,399108,425(3.7)%
Expenditure – Adjusted basis104,300100,3583.9%
Other gains and losses – FRS 102 basis2,455864
Other gains and losses – adjusted basis
Surplus/(Deficit) – FRS 102 basis2,025(4,997)
Surplus/(Deficit) – Adjusted basis(224)2,855

In order to explain how we have calculated these underlying adjusted figures, a full reconciliation of the reported FRS 102 results to adjusted results is included page 27 of the Annual Reports and Financial Statements (PDF download).